HOBOKEN — Members of the Rebuild Hoboken Relief Fund announced at a press conference Wednesday that the final amount of funds totaling $973,807 is ready to be dispersed. Sometime next week, 493 approved applicants will receive checks in the amount of $1975 each. Only thirty applications were denied, because they failed to qualify. Means testing was not a part of the application process, however a net loss of $5000 (after FEMA and other insurance aid) had to be accounted for on the face of the applications. Applications were received until Feb. 9.

The Rebuild Hoboken Relief Fund is a non-profit that was born in the wake of Hurricane Sandy to fill the anticipated gap of insurance that residents and businesses received. Mayor Dawn Zimmer, local magazine publisher and board member Joseph Mindak, former Senator Bernard Kenny and President of Haven Savings Bank John Wessling held the check presentation at Haven Savings Bank, 621 Washington St.

Haven Savings Bank has been the primary donor of the funds, generously offering $250,000. The total amount collected by the fund was just over $1 million, however about seven to eight percent was spent on expenses, according to Kenny. These expenses included a gala at the W Hotel in February which cost the fund between $50,000-$60,000, but collected $500,000 that evening.

Another $15,000 is being put on reserve for future disasters, such as displacement of fire or flood victims. Another portion will be set aside for professional fees to stay active.

According to Kenny, the board will discuss if incoming aid from here on out will still be put towards Sandy relief, or if that portion is closed.

Mayor Zimmer also announced that additional grant application processes are being discussed and the public can obtain more information by visiting the hurricane resource center, which is located at 251 First Street.